I recently posted "Join The Battle To Reform Wall Street Regulation" (BrokeAndBroker.com Blog, June 2, 2017) and "Stephen A. Kohn for 2017 FINRA Small Firm Governor" (BrokeAndBroker.com Blog, May 30, 2017), in which I set out the case for a more meaningful and representative role for the Financial Industry Regulatory Authority ("FINRA") Small Firm community; called for the implementation of overdue self-regulatory reform; urged the small firm membership to support qualified, sincere, and committed candidates for elective office at the self-regulator; and expressed my support for Stephen Kohn's election as 2017 FINRA Small Firm Governor.
The FINRA Small Firm community deserves capable, sincere, dedicated, veteran candidates for the 2017 FINRA Small Firm Governor seat. Get to know your candidates. Make your vote and voice count! READhttp://www.brokeandbroker.com/3489/small-firm-finra/
On June 1, 2017, I published "Bill Singer Submits Rare FINRA Comment" (BrokeAndBroker.com Blog, June 1, 2017), which presented my formal comment in response to a FINRA Special Notice. I knew that I had an audience but never quite realized how many readers shared my opinions about the shortcomings of Wall Street regulation. In response to my article, some of you have indicated that you may submit your own comment to FINRA. Thank you for your messages and support.
I am no opponent of Wall Street regulation. I am a proponent of fair and effective regulation that protects the investing public and enlists the industry as a partner in that pursuit. The battle is not about the elimination of regulation but about its enhancement. It's about decentralizing the ponderous Washington-based bureaucracies and empowering local regulatory staff to develop their own cases with more independence. It's about ending one-size-fits-all regulation and moving towards rules and rulebooks that are cut to fit the variations in member firms. Ultimately, it's not about confrontation but conversation; however, that doesn't mean compromise simply for the sake of convenience.
I may well be tilting at windmills. Then again, the lyrics talk about marching into Hell for a heavenly cause, right? As such, I republish below, yesterday's BrokeAndBroker.com Blog posting. Join with me in demanding effective Wall Street reform! READ http://www.brokeandbroker.com/3488/finra-bill-singer/
On May 30, 2017, Bill Singer, Esq., the publisher of the BrokeAndBroker.com Blog, submitted a comment in response to the March 21, 2017, Financial Industry Regulatory Authority ("FINRA") "Special Notice: Engagement Initiative / FINRA Requests Comment on Potential Enhancement to Certain Engagement Programs / Comment Period Expires May 5, 2017." Bill rarely submits formal comments to any Wall Street regulator, so this is an unusual occurrence. For a sense of what Bill has to say and the depths of his frustration with FINRA, consider this extract:
From my perspective, FINRA is often little more than an inept and frequently ineffective regulator. Unabashedly and without any hesitation, I have long characterized FINRA as the lap dog of its larger member firms and little more than a hijacked trade group intent on eliminating its smaller members and promoting financial superstores and regional brokerages. Harsh words? Absolutely. Off the mark and unfair? I think not.
Two fighters enter the ring but only one will leave the winner. That's how it goes . . . except. Except sometimes it's a tie or both are disqualified or both get TKO'd or both get knocked out or the lights go out and they stop the bout with no winner or loser. Similar thing recently happened at a recent FINRA intra-industry arbitration. The former employer firm sued the crap out of its two former employees. Pretty nasty allegations with lots of bucks being sought. The former employees were not simply going to back up and throw soft jabs. No, the respondents counter-claimed, which is the arbitration version of counter-punching. By the time the final bell rang, it was a bloody mess. Which reminded BrokeAndBroker.com Blog publisher Bill Singer of roulette and the hit song "Wipe Out." Which reminded Bill of Zero and Double Zero and of the Surfaris and the Ventures. Which prompted Bill to offer what he thinks was a brilliant comment on the the FINRA Arbitration. Which, when you read it, you may not quite see whatever brilliance Bill saw. All of which may remind you that Bill has a tendency to consume far too much coffee early in the morning when he edits the final version of each day's blog. READ http://www.brokeandbroker.com/3486/finra-wipe-out/
Stephen A. Kohn is running as a candidate for the 2017 Financial Industry Regulatory Authority ("FINRA") Small Firm Governor seat on the self-regulatory organization's Board. Stephen has demonstrated a persistent and consistent record as an unabashed advocate for industry reform and effective regulation. He is not running for office in order to burnish his resume. Without question, Stephen seeks a Board seat in order to shake things up, to force consideration of reforms that are long overdue, and to make sure that someone fights for the legitimate needs of FINRA's besieged small firms.
I support Stephen's candidacy for the 2017 FINRA Small Firm Governor and urge all BrokeAndBroker.com Blog readers to press their FINRA member firm's Executive Representative to support Stephen's candidacy for the Board. DOWNLOAD a copy of Kohn's Petition. http://www.brokeandbroker.com/3485/finra-election-kohn/